Nearly 75% of Indian respondents who participated in the PwC study say they are concerned about their personal financial situation, as opposed to 50% globally.
As a result, some 63% of consumers in the country are cutting back on non-essential spending, according to the 2023 PwC Global Consumer Insights Pulse survey found.
The India phase of the study captured the views of 500 Indian respondents (9,180 consumers from 25 regions globally) across 12 metros, tier-1 and tier-2 cities including Mumbai, Delhi-NCR, Bengaluru, Visakhapatnam, Chennai, Kochi, Kolkata ) were included. , Nagpur, Jalandhar, Hyderabad, Meerut and Rajkot.
Furthermore, 47% of consumers said they would shop with retailers that offer free/discounted product delivery and want a less hassle-free shopping experience, according to the survey.
Ravi Kapoor, Partner and Leader – Retail & Consumer, PwC India, said: “PwC’s latest survey for India delivers a key message of ongoing financial stress in consumers’ lives, where 75% of them are very unsure about their financial situation. are worried. ,
This sentiment will likely have a moderating effect on spending in the highly discretionary categories of electronics and luxury. He added that consumers will continue to demand world-class shopping experiences across both physical and digital channels with the work cut out for brands to reduce costs, increase availability and ‘go local’.
However, Mr. Kapoor said, “A clear increase in the adoption of digital channels and a willingness to spend more on travel in the coming months remains a ray of hope here.”